MANHATTAN (CN) - Former West End Financial Advisors CEO William Landberg pleaded guilty Friday to an $8.7 million securities fraud. He faces up to 20 years in prison and $17 million in fines at his March 16, 2012 sentencing.
Landberg, 59, of New York City, agreed to cough up the $8.7 million. His "boutique" financial services firm catered to rich people and institutions. He was accused of, and admitted to, swiping $8.7 million in loans from one of his funds, the "Hard Money Fund."
The sentencing guidelines call for a sentence of 78 to 97 months. Though he can be fined as much as twice the amount of money he filched, the plea letter states that the "applicable fine range is $12,500 to $5,000,000," apparently because Landberg agreed to cough up the $8.7 million.
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